Cycle 8 Session 39- S.M.A.R.T. Money 

Self-Reflection Questions 

WHO is your backup if you fall into money troubles? 

WHAT would you do with a financial peace of mind?

WHERE can you open a high-yield savings account?

WHY is it necessary to have a month's income or more put away?

WHEN someone asks you to give/lend them money, what should you first consider? 

HOW can you start saving something today, even if it's some change?

SAVE. Save with a plan and a purpose. Having a few months' income saved will prevent situations like Homelessness, lights getting cut off, phone getting cut off, food shortages, etc. Be your own backup plan.

MANAGE. Manage your money. Have a detailed budget written down before your paycheck comes in. Think of yourself as your accountant. Making reckless decisions can put your client (yourself) in a desperate situation (broke/borrowing).

ALLOW. Allow yourself to have financial peace of mind. If possible, have extra money easily accessible to you for the sunny days. After you are comfortable with your savings. Start a sunny day savings fund, yes money for you to have when you want to buy something fun for yourself. 

REVENUE. Always check how much is coming in vs how much is going out. Keep a detailed budget. Don't overspend, buy, or do something that will push you into a corner financially. Be sure you plan for the seasons, holidays, birthdays, self-care, etc.

TERMS. Set terms; Put boundaries around your money, not only for yourself but also for others. Don't let someone's lack of money management become your problem. And don't burden others due to your lack of money management. 

Self-Reflection Points

• When someone else has to manage your money, be sure that you a fully aware of what is going on. Do your own research and ask questions to people in similar situations.  If you don't like how your money is being handled, find a new person or a company you can trust. 

  • You can talk to a financial advisor at a bank or other legally established places dealing with money, to help you budget or invest your money. Still, be mindful of the risks. Do not trust anyone with your money!! Do your research 

  • Have a separate savings account if possible. A high-yield savings account will give you a greater return on your money.

  • You can take some accounting classes. The more you know, the better your money will work for you.

  • If you find yourself running out of money. Get money orders and pay yourself weekly. Find something that works and use it. 

  • Avoid lending out money that you can't afford to lose.  Set clear boundaries.

  • If you don't have the money to spend, then conclude that you can't afford the item at the time. Don't try to "Keep up with the Edwards" by borrowing from others or using credit cards. Be patient and stay in your lane. You'll thank yourself later.

• When shopping, make a list and plan for unexpected price jumps. Set boundaries on what you are willing to pay for something.

• You can go online for sample budgeting sheets. Find one that works best for you.

• If you save a dollar a day (approximately. $30 a month), you will have $360 a year. Happy Birthday to YOU!

"The plans of the diligent lead to profit as surely as haste leads to poverty." -Proverbs 21:5 

 "For each one should carry his own load" Galatians 6:5 Holy Bible